Stock Market Highlights: Sensex ends 246 pts higher and Nifty50 crosses 16,300 — rupee settles at 79.94 vs dollar

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Nifty50 possibly headed higher to 16,500: Jai Bala

Jai Bala of cashthechaos.com tells CNBC-TV18 that the 50-scrip benchmark in his view may be headed higher to even 16,500. "Even if the market were to get to 17,200. I'm not saying that it will get to 17,200 but if it does, it would still be a corrective bounce and that will be a very juicy shorting opportunity," he says. 

"As far as trading potential right now is concerned, as long as the Nifty stays about 16,050, that is a good pullback point and no short-term traders can find entries on the long side with a stop below 16,050," Bala adds. 

Positive on ICICI Lombard General Insurance: Ambareesh Baliga

Independent market expert Ambareesh Baliga tells CNBC-TV18 that the general insurance sector in his view has performed quite badly in the last two years because of COVID. He expects premiums in the segment to grow at a CAGR of about 12 percent over the next decade.

"ICICI Lombard has today become the largest in the private sector space, especially after the merger with Bharti AXA. So for ICICI Lombard, the net earned premium over the next 3-4 years is expected to grow at a CAGR of 21 percent as against the industry's 12 percent. So it will be growing much faster than the industry. If the Q1 earnings disappoint, it is an opportunity to buy at lower levels. I am looking at an EPS of Rs 45 for FY24 and my target is Rs 1,575,” Baliga adds. 

Market At Close | Sensex and Nifty50 at fresh one-month highs

Here are some highlights: 

--Financial stocks continue to lead market higher — Nifty Bank up over one percent

--ICICI Bank, Axis Bank, Reliance, SBI top Nifty movers

--ONGC and GAIL fall sharply on reports of government mulling windfall tax for gas firms

--HDFC Life earnings miss estimates 

--FMCG stocks see profit booking following recent surge — Nestle, Tata Consumer top losers

--IndusInd Bank among top Nifty gainers ahead of earnings

--Axis Bank continues to gain momentum — stock up over five percent in two days

--Tata Steel rises nearly two percent after a positive brokerage note

--Axis Bank, Apollo Hospitals, IndusInd, M&M top Nifty gainers

--RBL Bank, Escorts, Oberoi, Polycab, Bank of Baroda, Federal Bank top midcap gainers

--Market breadth favours the bulls — advance-decline ratio at 3:2

--Rupee ends at 79.94 vs US dollar after hitting lifetime low of 80.06 during the session

Rupee settles close to 80 vs US dollar

Bank provisioning at healthy levels: ICICI Securities 

ICICI Securities tells CNBC-TV18 that credit growth of 19-20 percent in the banking sector is encouraging and provisions are at healthy levels. However, retail exposure is sticky for most large banks, according to the brokerage. 

TV18 Broadcast at day's low 

HDFC Life at Rs 537.7, 1.3% off day's high

Edelweiss Financial near day's low

Buy Apollo Hospital, Mahindra Lifespace Developers: Shrikant Chouhan

Here are two recommendations by Shrikant Chouhan of Kotak Securities:

-- Buy Apollo Hospital for a target of Rs 4,200 with a stop loss at Rs 3,950

-- Buy Mahindra Lifespace Developers for a target of Rs 470 with a stop loss at Rs 420 

Escorts at day's high